HONOLULU, June 5 /PRNewswire-FirstCall/ -- Central Pacific Bank (CPB)
(NYSE: CPF) today announced the creation of its new Asset Management Division
to expand upon the bank's current investment capabilities. The new division
complements CPB's Trust and Private Banking Divisions and provides a portfolio
management alternative for institutional investors and affluent individuals.
David Zerfoss, CFA will be heading up the new venture as Senior Vice
President and Chief Investment Officer. CPB has also hired Vice President
Yvonne Lim as Manager of the Fixed Income Group, Vice President Scott
Takemoto, CFA and Vice President Derwin Osada, CFA as co-managers of the
Equity Group and Vice President Lorene Okimoto as Asset Management Division
Chief Administrator and Portfolio Manager. The group's combined tenure in the
financial markets spans almost 100 years, with specialization in equity and
fixed income analysis/portfolio management, particularly in the area of Hawaii
municipal bonds.
"We are excited about the new level of service we can now offer our
customers," said Clint Arnoldus, Chairman, President and CEO of CPB. "CPB's
new Asset Management Division staff is highly experienced and encompasses a
broad set of financial skills. They are committed to providing a strong level
of client support. This new group of individuals keeps in step with CPB's
mission to provide fiercely loyal financial services to customers by bringing
competitive professional investment services and nationally ranked experience
with a face-to-face Hawaii presence."
"We are delighted to be able to provide a new, high quality capital
management alternative for investors who appreciate working with experienced
professionals right here at home," said Zerfoss. "Hard work, competitive
investment performance and integrity are the benchmarks created by the synergy
of Central Pacific Bank and its new Asset Management Division. Clint Arnoldus
and CPB clearly have a vision of a rapidly growing, customer focused company.
Their willingness to provide us with a platform to structure unique solutions
to our clients' investment needs is very exciting and we are looking forward
to meeting that challenge."
Zerfoss previously served as a Senior Vice President and Manager of the
Bank of Hawaii Asset Management Group. His extensive background includes
34 years of working in professional capital markets in Hawaii. Zerfoss has an
invaluable combination of both fiduciary Trust and institutional investment
management experience.
Zerfoss is a board member of the Hawaii Society of Investment
Professionals, the Chairman-elect of the American Heart Association-Hawaii and
a member of the Board of Governors of the Pacific Club. He is also an
arbitrator for the National Association of Securities Dealers and served as
President of the Investment Society of Hawaii. Zerfoss received his
bachelor's degree in economics from Ripon College in Wisconsin.
Lim has extensive experience in municipal bond mutual fund portfolio
management and specializes in tax advantaged asset management for high net
worth clients. She previously served as Vice President, Senior Portfolio
Manager and team leader for the Asset Management Group of Bank of Hawaii. She
also worked at Pacific Resources and in the International Banking Division of
Bank of Hawaii. Lim received her Bachelor of Science in finance from Hawaii
Pacific University.
Takemoto has over ten years experience in asset management and was a Vice
President at Bank of Hawaii, specializing in equity portfolio management and
security analysis. He holds the designation of Chartered Financial Analyst
and is a member of the Association for Investment Management and Research and
the Security Analyst Society of San Francisco. He received his Bachelor of
Science from Santa Clara University.
Osada was a Vice President and member of the Bank of Hawaii Asset
Management Group for nine years specializing in equity portfolio management
and security analysis and also has a background in fixed income portfolio
management. He holds the designation of Chartered Financial Analyst and is a
member of the Association for Investment Management and Research and the
Security Analyst Society of Los Angeles. He received his bachelor's degree
from the University of Southern California in accounting.
Okimoto has over 24 years experience in the banking industry. She
previously held positions at the Bank of Hawaii as Head of Fixed Income, where
she oversaw nine registered mutual funds and 3.5 billion in managed fixed
income assets, and as Assistant Manager of the Asset Management Group, where
she oversaw all staffing and departmental administration. She is a graduate
of the University of Hawaii and is a member of the Association for Investment
Management and Research and the Security Analyst Society of San Francisco.
Central Pacific Financial Corp. is a Hawaii-based bank holding company
whose common stock is traded on The New York Stock Exchange under the symbol
"CPF." Central Pacific Bank, its subsidiary, is Hawaii's third largest
commercial bank with 24 branches statewide, including five supermarket
branches and 77 ATMs statewide. For additional information, please visit our
web site at http://www.cpbi.com.
SOURCE Central Pacific Bank
-0- 06/05/2003
/CONTACT: Ann Takiguchi, PR/Communications Officer, or Marketing
Division, +1-808-544-0685, both of Central Pacific Bank/
/Web site: http://www.cpbi.com /
(CPF)
CO: Central Pacific Bank; CPB; Central Pacific Financial Corp.
ST: Hawaii
IN: FIN RLT
SU: PER
SK
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8414 06/05/200323:30 EDThttp://www.prnewswire.com